Accepting and Depositing an INTERAC e-Transfer from PC Financial

First, I confirmed that the message was from the right sender, and for the correct amount of money.

There are a lot of scam emails out there pretending to be about cash transfers. Don’t accept one unless you know who sent it to you and why. The other messages are just trying to get your banking information so they can raid your accounts!

Click on the button: Deposit your Money.

It should take you to the etransfer.interac.ca webpage.
From the icons, choose your bank. As of June 6, 2017, banks listed include

ATB Financial

BMO

CIBC

Desjardins

HSBC

Laurentian Bank

Manulife Bank

National Bank

PC Financial

RBC

Scotiabank

Tangerine

TD

You could also, click to Select Your Financial Institution from a drop-down list.

Or

Click to Select Province or Territory and then

Click to select Credit Union.

I clicked on the TD icon.

I was then re-directed to my usual TD bank sign in page. I did carefully check the URL and other facts to make sure I had been re-directed to my bank’s site.

Sign into your online banking the way you always do.

The Receive Money page

In my case, the next page I see is a Receive an e-Transfer page.

Review the details, if they are ok, type the Response: to the security question in the text field.

From the drop-down list, select where to put the money in the Deposit to Account field.

Click on the Deposit Money button.

Review the transaction information. If it’s correct, you’re done!

Sign Out of your bank account.

For increased security, clear your browser history and cache, and close your browser session.

I’ve used Tangerine’s free email money transfers many times. I’d never used an INTERAC e-transfer from Tangerine or PC Financial, though, because they both normally charge a fee for the service. EQ Bank lets me send 5 INTERAC e-transfers per month for free, so I’ve sent a transfer once to see how it’s done. This month, June 2017, PC Financial is offering me a few free INTERAC e-transfers so I’m going to send some money to a deserving young relative to test how well it works.

Getting Ready to Make an INTERAC e-Transfer

First, I need the email address of the person that I want to get the money.

You need to decide which email address your friend will see when they receive your e-Transfer. If you only have one email address, that’s easy, but if you have several, decide which one to use in the “From” field of your transfer.

Then, I need to make a question that has a one word answer that will be the “security question” for the person receiving the money.

Then I need to make sure the money I want to send is in my PC Financial chequing account and not on hold. This part is a bit of a pain because it takes one business day to transfer money from my PC Financial savings account to my PC Financial chequing account.

How Do I Send an INTERAC e-Transfer from my PC Financial Account?

Sign in to your PC Financial bank account/s.

Make sure you have enough cash not on hold in your chequing account to send to the other person.

From the link list on the left side of the screen, click on: INTERAC e-Transfers

Read through the info about using the transfers, then click on the Get Started button.

Check and if desired change the “Name” that will be used in the “From” info for your transfer.

In the Email Address: field, type the email address to be shown in the “From” info for your transfer.

Read through the Terms and Conditions and if you agree to them, click to check the I agree box.

Click on the Continue button.

Oh great, I got an error message! “We’re sorry. We are unable to complete this request. Please try again later or contact President’s Choice Financial Customer Support at 1888 723-8881.” So much for impressing me!

Two days later….I tried again two days later. Here’s what happened next:

“You do not currently have any recipients in your list. Please add a recipient in order to send money.

Click on the Add a Recipient button.

Type the person’s name in the Name: field.

From the drop-down list, select the person’s Language Preference: (The only choices are English and French as of June 6, 2017)

In the Email Address: field, type the address to which you want to send the money.

Click on the button: Continue

Add a New Recipient – Verification

Read the Add a New Recipient – Verification info. If it’s ok, click on the Confirm button.

Click on the Send Money button.

Your INTERAC e-Transfer Details screen

From the drop-down list, select the Recipient to whom you wish to send the money.

If desired, type a note in the Message to Recipient text field. Do NOT type in the answer to the security question!

Type the amount you want to send in the Amount field

From the drop-down list, select which account from which to remove the money.

If it all looks ok, click on the Continue button.

Your INTERAC e-Transfer Details screen

From the drop-down list select a Security Question or select Create your own question.

If so, type your desired question in the Your Question box.

In the Security Answer (no spaces) field, type the correct answer to the question.

If you want to check your spelling etc., click on the Show box to proofread.

In the Security Answer (please re-enter) field, type the correct answer a second time.

Click on the Continue button.

The Send Money – Verification page

Check the info on the Send Money – Verification page. If it’s ok, click on the Confirm button.

You should get a confirmation message. Make a note of the Reference Number in case you want to cancel the transaction before the recipient accepts the transfer.

If you’re finished banking, click on the button: sign out.

Clear your browser history and cache, and close your browser session.

You’re done!

When Will My Friend Get the Email About the Money I Transferred?

I was quite surprised. I checked my email 2 minutes after I sent the money, and the message was already in my inbox! So while it could take 30 minutes for the email to be sent, I guess it can be sent immediately.

How Long Does It Take for an INTERAC e-Transfer?

Unlike Tangerine email transfers, it can take up to 30 minutes for the email to be sent from PC Financial to your receiver.

Then, when they get the email and accepts the money, there may still be another delay. Most banks put a hold on funds received by INTERAC e-Transfer and other types of electronic transfers. The length of the hold will depend on that bank’s terms and conditions and may depend on the receiver’s personal banking plan.

The money disappears from YOUR bank account, though, immediately.

Can I Cancel My President’s Choice INTERAC e-Transfer?

Yes, but

only if the recipient has not yet claimed the transfer and answered the security question AND

you will have to pay a fee.

How Else Can I Use My INTERAC e-Transfers?

Some people also use INTERAC e-Transfers to move money between their own bank accounts.